Pubdate: Wed, 13 Jan 2016
Source: Orange County Register, The (CA)
Copyright: 2016 The Orange County Register
Contact:  http://www.ocregister.com/
Details: http://www.mapinc.org/media/321
Author: Hannah Madans

IRVINE POT FIRM TO MERGE WITH DISPENSARY

Terra Tech Corp., an Irvine-based marijuana agriculture company, will 
merge with Black Oak Gallery, an Oakland retail medical marijuana 
dispensary also known as Blum Oakland.

The merger includes Blum Oakland's supply chain: an on-site 
cultivation facility, proprietary marijuana strains and a storefront.

Blum Oakland, which opened in 2012, has more than 42,000 registered 
customers and brought in around $14 million in revenue in 2015.

Derek Peterson, chief executive of Terra Tech, said in a statement 
the combined companies would touch "every aspect of the cannabis life 
cycle  from cultivation, to extraction, to branding, and now, with 
the acquisition of Blum, to retail sale."

The merger is expected to close at the end of March. Terms of the 
deal were not disclosed.

Terra Tech made headlines in 2014 when it got approval from the 
Securities and Exchange Commission to raise funds to build out 
medical marijuana facilities.

The company, which has been publicly traded since 2012, also was 
granted provisional certificates from Nevada to operate dispensaries 
and cultivation and production facilities in the state.

Peterson said the support from the SEC could be an encouraging sign 
to anyone thinking of joining the marijuana industry.

Terra Tech was incorporated in Nevada in 2008. The company has been 
based in Irvine since 2011.

Medical marijuana is legal in 23 states. Recreational marijuana is 
legal in Alaska, Oregon, Colorado, Washington and the District of Columbia.
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MAP posted-by: Jay Bergstrom